近日，临床前CRO企业百奥赛图正式登陆上交所科创板，引发市场关注。公司凭借"千鼠万抗"计划与 RenMice全人抗体平台，在生物医药领域具有一定技术积累与业务布局。然而，其招股书及财务数据背 后，却透露出盈利依赖研发压缩、关联交易占比高、专利侵权诉讼、未弥补亏损巨大等多重风险，值得 投资者警惕。 一、扭亏为盈背后的"成本压缩术"：研发投入大幅缩水 从财务表现看，百奥赛图在2022年至2024年间营业收入稳步增长，归母净利润从-6.02亿元转为正收益 3354.18万元，今年前三季度更是实现1.14亿元净利润，看似走出亏损泥潭。 然而，仔细观察发现，公司同期研发费用从6.99亿元骤降至3.24亿元，研发人员总数从627人减至337 人，专职研发人员更是从58人锐减至5人。2022至2024年间，公司营收增长4.46亿元，研发费用却下降 3.75亿元。这引发市场质疑：盈利改善是否更多来自"节流"而非真正的业务成长？公司解释称"大规模 研发阶段已结束"，但作为一家以技术为核心竞争力的生物医药企业，研发投入的持续性仍是其长期价 值的关键。 二、关联交易与专利诉讼双重隐患 抗体开发业务是百奥赛图的重要增长点，2022至 ...

Meeting Overview - The company will hold its 2025 Fourth Extraordinary General Meeting of Shareholders on June 19, 2025, with both on-site and online voting options available [1][4]. - The meeting is convened by the company's board of directors and complies with relevant laws and regulations [1][3]. Agenda Items - The meeting will review several proposals, including financing lease transactions with Shudao Leasing and addressing unremedied losses that exceed one-third of the registered capital [3][7]. - Specific proposals require separate voting, and there are provisions for minority investors to vote independently [3][7]. Registration and Voting Procedures - Shareholders must register for the meeting by providing necessary documentation, including shareholder account cards and identification [4]. - Online voting can be conducted through the Shenzhen Stock Exchange's trading system and internet voting system, with detailed procedures provided [4][5]. Documentation - Relevant documents, including resolutions from the board and supervisory committee meetings, will be available for review [5].

Group 1 - The company held its tenth meeting of the fourth supervisory board on May 28, 2025, with all three supervisors present, ensuring compliance with relevant laws and regulations [1][2] - The supervisory board approved a proposal regarding unremedied losses reaching one-third of the total paid-in capital, with unremedied losses amounting to 43.9535 million yuan as of December 31, 2024 [1][2] - The proposal requires further review by the shareholders' meeting [2]

Core Viewpoint - The company has reported that its unremedied losses have exceeded one-third of its paid-in capital, necessitating a shareholder meeting for further discussion and action [1]. Summary by Sections Situation Overview - As of December 31, 2024, the company's consolidated financial statements show an undistributed profit of -691,075,989.19 yuan, while the paid-in capital is 490,298,992.00 yuan, indicating that the unremedied losses have surpassed one-third of the total paid-in capital [1]. Reasons for Loss - The primary reasons for the unremedied losses include: - Significant decline in profits - Impairment of goodwill from subsidiaries, particularly from Baile Lithium Battery - Investment losses recognized based on shareholding ratios [1]. Response Measures - The company is actively taking measures to improve its operational and financial conditions to offset previous losses, including: - Focusing on core resources and solidifying main business areas - Leveraging expertise in the petrochemical and new energy sectors to enhance research, design, manufacturing, and engineering contracting in new materials and energy industries - Strengthening management of subsidiaries to maximize business synergy and enhance profitability across various business segments - Adjusting product and market structures to stimulate customer demand and increase market share - Optimizing personnel structure and organizational efficiency through performance assessments and incentive mechanisms - Enhancing budget control and detailed management to reduce costs and improve operational vitality [1][2].